Omega Flex (NASDAQ:OFLX) Stock Price Crosses Below 200-Day Moving Average - Here's What Happened

Key Points

• Omega Flex's shares fell below its 200-day moving average of $33.75, trading as low as $33.30, with the latest price at $34.34.
• The company announced a quarterly dividend of $0.34 per share, with an annualized dividend yield of 4.0%, set to be paid on October 8th.
• Several hedge funds have recently adjusted their positions in Omega Flex, with institutional investors now owning 36.06% of the company's stock.

Omega Flex, Inc. (NASDAQ:OFLX - Get Free Report)'s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $33.75 and traded as low as $33.30. Omega Flex shares last traded at $34.34, with a volume of 10,533 shares traded.

Omega Flex Trading Down 3.7%

The business has a 50 day moving average of $33.88 and a 200-day moving average of $33.72. The stock has a market cap of $341.18 million, a PE ratio of 20.12 and a beta of 0.28.

Omega Flex (NASDAQ:OFLX - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $0.41 earnings per share for the quarter. The company had revenue of $25.52 million for the quarter. Omega Flex had a return on equity of 20.48% and a net margin of 16.91%.

Omega Flex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 8th. Investors of record on Thursday, September 25th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, September 25th. This represents a $1.36 annualized dividend and a yield of 4.0%. Omega Flex's payout ratio is currently 80.95%.

Hedge Funds Weigh In On Omega Flex

Hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. raised its holdings in shares of Omega Flex by 4.6% in the first quarter. American Century Companies Inc. now owns 7,667 shares of the industrial products company's stock worth $267,000 after acquiring an additional 340 shares during the last quarter. Two Sigma Advisers LP grew its position in Omega Flex by 5.5% during the fourth quarter. Two Sigma Advisers LP now owns 7,700 shares of the industrial products company's stock valued at $323,000 after acquiring an additional 400 shares during the period. Squarepoint Ops LLC grew its position in Omega Flex by 2.3% during the second quarter. Squarepoint Ops LLC now owns 19,709 shares of the industrial products company's stock valued at $638,000 after acquiring an additional 442 shares during the period. PDT Partners LLC grew its position in Omega Flex by 7.3% during the first quarter. PDT Partners LLC now owns 6,791 shares of the industrial products company's stock valued at $236,000 after acquiring an additional 462 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Omega Flex by 1.4% in the fourth quarter. Northern Trust Corp now owns 36,525 shares of the industrial products company's stock worth $1,533,000 after buying an additional 499 shares during the period. 36.06% of the stock is owned by institutional investors and hedge funds.

About Omega Flex

Omega Flex, Inc, together with its subsidiaries, manufactures and sells flexible metal hoses and accessories in North America and internationally. It offers flexible gas piping for use in residential and commercial buildings; fittings; containment pining; and corrugated medical tubing for use in hospitals, ambulatory care centers, dental, physician and veterinary clinics, laboratories, and other facilities.